Michael Lissack This was done through courses that, for example, teach “financial engineer- ing used to support marketing and production programs, signal information, structure incentives, tap different investor clienteles, minimize bankruptcy costs, and address tax and accounting concerns.” As of today nowhere in the published content of such courses do we find discussions of how far is too far, what is the public’s interest, where is the line and how to avoid grey areas etc. Will this now change? It is not enough to merely add “new” cases to the ethics course. The problematic mindset is created within such course as “corporate financial engineering.” Will HBS and other business school faculty take any time from their vacations (or lucrative consulting assign- ments) this summer to revise their courses so as to take responsibility for the actions of their students? Martha and Bernie may not have MBAs but they are surrounded by them. The people at Merrill, Anderson, Tyco and Enron are mostly MBA’s themselves. If these were schoolchildren their teachers would be wondering what went wrong. Will MBA faculty have the same concerns? Or will they take cold comfort that “these are adults making their own decisions?” True professions take responsibility for their teachings. It is time for business school faculty to do the same. Business schools in America have endowments in excess of $2 billion. Gifts to business schools are considered charity. And how the needy have been served. Thousands thrown out of work, trust in leadership destroyed, and confidence - the very engine of our economy - shattered. Despite the events of 2002 our business schools will teach accounting, finance, and management principles as if none these scandals ever happened except as examples of excess and of getting caught. Our MBA programs provided the common mindset behind the current corporate crisis. Without reform of climate and curriculum the next generation of MBA’s is doomed to repeat these scandals. Ethics in business needs to be taught as a way of life not as a required course. The notion of community responsibility before self needs to be instilled before MBAs are entitled to be part of a “profession” known as management. The massive resources available to business schools need to be deployed with a focus on giving something to America rather than
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